Hello, in Mexico. Vizsla Silver is traded on the TSX and the NYSE under the ticker VZLA. I will be making forward-looking statements here, so please avail yourself of this disclosure and disclaimer. Vizsla's vision is simple. It sounds simple, let's say that. We want to pour first silver in 2027. Our vision is to become the world's largest single-asset silver primary producer through the exploration and development of our Pánuco District in Sinaloa, Mexico. We have a very compelling reason why we want to go into production and drive this forward. We want to close the valuation gap that exists between developers and producers. The average producer P/NAV in our industry is 1.5 for silver producers. The average developer P/NAV multiple is closer to 0.5x . That's excluding or not taking into account tier one silver assets. Tier one silver assets in Mexico command premium valuation.
Recent peer M&A at premium valuations points to meaningful re-rating potential for Vizsla as we drive toward production. You can see today we trade at about half of our net asset value. Our net asset value on analyst consensus is about $2 billion . GAPTO, SilverCrest, and MEG were all taken over at an average multiple of close to 2x , 1.8x. That's a huge valuation gap between where we are now and where our peers traded hands at. It isn't our goal to sell the company. We want to build the next multi-asset silver mid-tier. P á nuco, our district here, is an excellent foundation for that. You can see that we check all of these boxes here. We have the highest silver life of mine production over on average here, 9 million ounces of silver, `50 million ounces LOM, with silver equivalent. 11-year mine life as per the PEA.
High grade north of 1/2 kg . 100% owned single asset, exploration upside, and 100% precious metals. Of course, we are in Mexico where you see these transactions happen most frequently. With our development timeline, we're in the permitting and feasibility stage right now. We've submitted our permits. We did that earlier this year, submitted our applications for AMIA, and we're working towards our feasibility study. Our feasibility study will be done and out this year. Construction is planned to start in 2026 and continue for less than 18 months with first silver in 2027. I see someone important in the room here. Chris Adams helped us.
You might have seen an announcement, but we recently announced last week that we received, or signed a mandate letter with Macquarie as a lead underwriter, 100% underwriter of a $220 million debt facility that complements our $200 million in cash and our $30 million in equity positions. That's about $450 million of total financing capacity that we have as opposed to the $224 million CapEx in our PEA. That means we have a low CapEx requirement. We have a very strong financial position. We have an imminent feasibility study coming and near-term construction decision and permits coming. The Pánuco Silver Gold District is 100% underground. It's truly district scale. We're the first group to ever consolidate this project, and we're the first group to ever explore with modern exploration across this whole district and systematically explore this project.
Since I first showed up, or we first showed up at the project in early 2019, prior to consolidation, we've quadrupled our land package since then. In January 2024 till now, we added over 40,000 hectares of new ground in this district that we now control. It sits in an excellent location in the underexplored part of the Western Mexico Silver Belt, and it's 80 km from San Dimas. San Dimas, of course, one of the world's billion-ounce districts. There are 13 billion-ounce silver districts. San Dimas is one of them. We believe that Pánuco has a chance to become the 14th. This is an underground silver gold mine district that dates back to the Spanish, and it has excellent infrastructure across this project. To explain that a little bit more, we have higher voltage power, we have water, we have roads.
It's an hour outside of Mazatlán, very, very easy to get to. We've drilled 400,000 m without ever having to build a road of our own. We've used that local infrastructure to do that, which allows for us to move to production at an expedited rate. We've upgraded our resources to a higher confidence category, measured and indicated now recently, and we have a fully permitted, fully funded 5x5 test mine that we started at the beginning of, sort of at the end of 2024. That's going to allow us to de-risk initial production. We are targeting, again, first silver by the end of 2027. Vizsla is in excellent financial shape with over $200 million in the bank, an advancing debt facility, and an industry-leading important team.
Speaking to this resource, we have 220 million ounces of silver equivalent in measured and indicated at an equivalent grade of 534 g silver equivalent. Now, when we talk about silver equivalent, we're talking about silver and gold and a very small amount of base metals. If you like to think about gold terms, we have 2.7 million ounces of gold equivalent at north of 6.5 g gold equivalent. In our inferred category, and this is inferred, I expect it'll be upgraded in due time. We're going to start drilling this from underground. We have 139 million ounces of silver equivalent or 1.6 million ounces of gold equivalent at just over 400 g silver equivalent and just under 5 g gold. Excellent, excellent backbone resource that we have here. That resource is feeding in or fed into the PEA . We've upgraded it since the PEA .
This is somewhat stale now, I would say, although the CapEx we expect to be in line, we don't expect to go backwards from the PEA into the feasibility study. I would say the most stale part of, let's see, where's the most stale part of our PEA , of course, are these metal prices. We used a base case, long-term consensus of $26 an ounce silver, $1,975 gold. On the upside case, we were allowed to show 20% upside on sensitivity. We used an outstanding $31 silver and $2,370 gold. Of course, those prices are not really relevant now in today's terms, but with those prices, we had a $1.5 billion NPV, triple-digit IRR, and a payback on the base case of nine months. Today, at today's metal prices, that would be much less than six months in terms of payback.
An industry-leading NPV to CapEx ratio of 5x . We haven't seen that type of CapEx ratio. That NPV to CapEx ratio is much higher now with today's prices, but still really speaks to the financial strength of this resource here and the PEA . A lot of that comes from the excellent infrastructure we have here. Project one is moving forward. It's low CapEx and it's conventional. We have long hole making up the majority of the mining method, a drift and fill making up 15%. We start with 3,300 tons per day, going to 4,000 tons per day in year four. We have a whole ore leach that will produce a doré and that initial CapEx of $224 million. Important to note here, the ASIC is sub $10 in the first several years. It's actually sub $9.
We have a very attractive first several years of production here that'll help us very rapidly pay back this project and leads to these outstanding economic results. Project one has a very small footprint, but of course has big production, 20 million ounces as per the PEA of silver equivalent production in the first two years. With the feasibility, we expect that to extend out into subsequent years. PEA of the feasibility study will describe all of that in great detail, of course. I think it's important just to highlight the compact footing here. It's really about a two-by-two footprint of the overall mine operation and mill waste dump. The tailings is off to the east there. You see the project generally sits in between two highways, 40 and 40D. 40D is an excellent toll highway. High tension power runs overhead directly over the mill site.
This is one of the best infrastructure projects in Mexico. These high grades from Copala and Cristiano come early in the mine life and they drive those PEA economics. Again, the 20 million ounces of silver equivalent in year one or two that I suspect that bar chart will show those 20 million ounce years extended into subsequent years there. It really is a very large-scale single asset producer. This is something I'm very proud of, and I know the team is very proud of it. It was one thing to consolidate the project and drill these holes. You don't really get a chance to see what's going on underground just through the holes. When we had our first blast here at the portal and we've started this ramp, it's just incredible to see that development.
We're about 400 m down the ramp here, kind of right here at this fishhook. We're almost in the 460 m level, getting into the ore development there. We expect to complete this this year here and get into the ore at Copala, start stockpiling that ore, de-risk the project substantially, and give ourselves permanent access. This is a five and a half by five and a half drive here that we're doing. We have a dual track strategic plan. We've driven through a number of these items here, checking all the boxes: PEA, community engagement, drilling, the bulk sample test mine started already, resource update, we've completed that. Feasibility study is still yet to come. Mining permits are expected within a reasonable statutory timeframe here. One of the important things about our permitting is that this is a project that dates back to the Spanish.
It's not a, you know, beautiful jungle that, I mean, parts of it are very beautiful, but it's been disturbed already by previous mining, by agriculture. It's much easier for us to permit. For instance, the test mine was easier to permit because it was on a previously disturbed piece of land. The mill site is on a previously disturbed piece of land, and all of the key infrastructure areas that we're building are all on previously disturbed. It's 100% underground. Mexico doesn't have the same issue with underground as they do with open pit. Things have been going fairly well with the permitting. That is expected. Don't want to overpromise and under-deliver, so we aren't putting a timestamp on that just yet. We do expect to receive it in time for us to achieve first silver in the second half of 2027. Now that's still track.
That's, you know, our vertical number one, developing project number one, which will be the largest single-asset silver primary producer globally at that point. At the same time, we're looking for more. We still have a lot to do here. We've done a lot of drilling, over 400,000 me. We've done mapping, we've done sampling, we've done accretive property acquisitions. We have a district-wide EM and MEG study coming here, implementation of the multispectral satellite and teraspec targeting, expanding known resources within the PEA, and drilling high-priority targets proximal to the resource. We've barely scratched the surface in this district here. We've explored the PEA area in the west. There's still an incredible amount of expansion that we can do along strike and at depth. We haven't drilled this off by any means on any of our core structures.
Outside of that, we've made new discoveries like the discovery at Animus, which we drilled just under 6 m at 650 g silver and 4.26 g gold. We're going to expand that. Drills are heading back to that target here this month. Beyond that, we've done something very interesting here. This is something that I'm really excited about. We've consolidated what I think could be a generational package of land here in the sense that we've added another 30,000 hectares on top of the original Pánuco, all along strike, major structural corridors running through these properties. To the north of La Garra, which is the top one here, 45 km to the north sits San Dimas, billion-ounce district, and 45 km to the south of La Garra sits Pánuco. Those structures generally tend to run through to Santa Fe into Rosario in the south.
Santa Fe has operating infrastructure on it. It has a 350-ton per day mill. We get all of that infrastructure once we decide to either accelerate the option or purchase it outright here. We have set those terms already. We have sent teams to Santa Fe now to start basically doing the early-stage work to generate drill targets for us to continue to expand, which is very exciting. San Enrique of the group is probably the least developed, the least accessible, a little bit more remote. We do know that the Copala structure, the Napoleon structure, trend on to San Enrique and in through to Santa Fe. We are very excited about the potential at San Enrique. La Garra is, you know, it's a little bit more stranded to the north, but we think it'll play an important part in future growth initiatives, organic growth beyond 2027.
The key potential catalysts over the next 12 months, I think this bulk sample test mine is quite important. Doing the sample at Copala is very exciting. We are underground now 400 m down the ramp. We are going to be at the 460 m level, extracting high-grade ore, stockpiling that above surface, de-risking the startup of the mine by isolating the startup of the mine early and the mill later. This bulk sample test mine should complete this year. We will continue to mine as we have the permits to do so. It is very exciting for us to get underground and do this early. Feasibility study is coming up, of course. We are excited about that. We have ongoing discovery potential across the district. There are three reasons to own Vizsla Silver.
Again, traded on the NYSE and the TSX under VZLA. We are an advanced developer. We are very well funded. We have this fast track to production that we are de-risking right now. We have an immense amount of exploration upside. We have grown this land package. We have barely scratched the surface on it. We are doing some very low unit cost exploration that could result in some serious discovery. I think that we are significantly undervalued. As you saw earlier, we traded at half of our net asset value. As we complete these things like the feasibility study and permitting, we'll go much closer to NAV, and I think in time trade at a premium to NAV. Maybe I'll sign off on this tier one slide, but I think this captures what we're about here.
All right. Thank you.